MetLife AIG ANB says accumulated losses may reach 49%

MetLife AIG ANB Cooperative Insurance Co. on Sunday said its accumulated losses could reach 49 percent, according to a recent unaudited and un-reviewed calculation performed internally by the company.

This is due to unexpected losses related to the insurer’s medical business, representing an approximate 15 percent of the company’s net assets – as disclosed in the third-quarter financial statements, the firm said in a statement to Tadawul.

The impact will reflect Q4 2017 financial reports, which will include the percentage of accumulated losses after audit.

“The company is currently assessing the root causes of these losses and will be taking all required corrective measures,” it said.

According to data available with Argaam, the accumulated losses of Metlife AIG ANB as of September 30, 2017, amounted to approximately SAR 135 million, representing 38.57 percent of the paid-up share capital.